<wyu[at]talisys.com> wrote in message
news:1169836894.908536.270160[at]a34g2000cwb.googlegroups.com...
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On the other side of the equation, the banks are also getting more diligent.
I'm in the process of setting up a linkage from a brokeage account to a
Wells Fargo bank account, and the bank mailed me a letter telling me that
the brokerage was trying to set this up, and if that's not correct, I should
notify WF. And WF is holding this up for a few days in case I should want
to tell them to disallow it.

On the other hand, Wells Fargo Brokerage just debited a checking account
(outside of WF) without my authorization. I had submitted a form that
allowed them to do a one-time ACH to fund the account, but not to establish
an ongoing link. They were able to grab some more money anyway. At least
the money was taken by "me" :-). (Also, I caught it the day they did the
transfer.)

Mark Freeland
BnetOnewsX[at]sbcglobal.net

On Jan 26, 1:42 pm, w...[at]talisys.com wrote:
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I went through this with T Rowe Price today. I changed my account used
for systematic purchase (savings instead of checking). To do this I
needed a deposit ticket and a stamped guarantee from bank trustee.

T Rowe told me it would take ~5-10 days to change bank info when I
called ahead of time. They received paperwork 5 days ago, I was called
yesterday. The issue was the name on the T Rowe account did not match
the name on my bank account. Jim/James simple mistake... but T Rowe
caught this.

In addition Vanguard has an added security on 401k access. I see a
picture each time I login to verify I am on their web site and no
"trojan horse" is tracking the login.

There is something fishy about this story. I know when I add a new bank
account to my investment accounts, it takes days to do the verification
deposits. For Vanguard, they mail me a pin code I must enter to
validate it for withdrawals. And this is a 401K where there are all
sorts of laws that limit when you can take money out. The hacker
strikes when the person coincidentally heads off to China -- screams
inside job -- either at JPM or somebody who knows him.


On Jan 26, 2:01 am, Joshua Bilsky <joshbil...[at]nospam.net> wrote:
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On Fri, 26 Jan 2007 04:01:02 -0600, Joshua Bilsky <joshbilsky[at]nospam.netwrote:

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The online brokerage I use -- Fidelity -- states:

"As part of our ongoing commitment to our customers, we're proud to offer
our Customer Protection Guarantee: We will reimburse your Fidelity account
for any losses due to unauthorized activity."

The fine print seems reasonable and what I would expect.

But that article did lead me to check on that.
--ron

My apologies if this has been posted already. Very disturbing story
nonetheless. What is your take on managing your retirement accounts
online, and do you think that account holders should be liable for
fraud committed against their accounts? From reading this article, it
seems that if the bad guys don't get caught, you don't get your money
back.

http://redtape.msnbc.com/2007/01/one_moment_dave.html
--
Josh Bilsky
http://www.joshbilsky.com